By Emmanuel Elebeke

The Nigerian Institution of Estate Surveyors and Valuers has called on government and private sector stakeholders to prioritise credible valuation as a critical tool for unlocking Nigeria’s estimated N500 trillion wealth.

Speaking at a press conference in Abuja to mark the 2026 International Valuation Day, the President and Chairman of Council of the institution, Bature Ali Muhammad, said accurate valuation is essential for economic development and sustainable growth.

He noted that valuation plays a central role across key sectors, including accounting, insurance, taxation, mortgage financing, asset management, and public procurement.

“Valuation is central to economic development. Every business entity relies on it to report financial position, while governments depend on it for asset disposal, taxation, and procurement processes. Without credible valuation, economic distortions are inevitable,” he said.

The NIESV President explained that proper valuation ensures transparency, supports informed decision-making, and enhances financial reporting in both public and private sectors.

He acknowledged ongoing economic reforms by the federal government, noting early signs of recovery, but stressed the need for broader restructuring to fully harness the country’s vast resources.

Highlighting the theme of this year’s observance, “Unlocking Nigeria’s Wealth: How Valuation Builds Our Prosperity,” Muhammad described it as timely, especially amid efforts to revitalise the economy.

He added that valuation is vital for revenue generation, particularly within tax reforms, where accurate asset assessment is necessary for fair and effective taxation.

Muhammad also emphasised that estate surveyors and valuers are key partners in achieving national development goals, including expanding government revenue and driving value creation in sectors such as oil and gas and solid minerals.

He reiterated that valuation practice in Nigeria is legally reserved for certified professionals under the Estate Surveyors and Valuers Registration Board of Nigeria Act, warning against the use of unqualified individuals.

“Estate Surveyors and Valuers are the only professionals legally empowered to determine asset values. Engaging non-professionals is both improper and illegal,” he said.

The NIESV President further noted that the profession adheres to internationally recognised standards, commonly referred to as the “Green Book,” ensuring consistency and global best practices.

He reaffirmed the institution’s commitment to professionalism, ethical standards, and collaboration with stakeholders to strengthen the role of valuation in Nigeria’s economic stability and long-term growth.